Georgia

 

Georgia to row back on UHC programme

Means testing may be reintroduced to Georgia, replacing its three-year-old universal health coverage system, as the government seeks efficiencies. The middle-income country now spends over 7% of GDP on health according to the World Bank. Boosts to primary care are also driving large operators like Georgia Healthcare Group (GHG) into the ambulatory market.
July 15, 2016

Dunyagoz to strengthen its hospital network

Turkish ophthalmology group Dunyagoz, which runs 22 centres in Turkey and Europe, is expanding to neighbouring countries and beyond. It is looking at Iran and Russia and is launching two new hospitals in the Netherlands and Azerbaijan in June 2016. We speak to CEO Koray Ozbay about the group’s strategy.
April 18, 2016

GHG boosts profits, opens outpatient centres

Georgia Healthcare Group (GHG), which dominates the Georgian healthcare market, saw net profits for 2015 soar 78% year-on-year to GEL 23.6m (€8.5m). Sales also grew by 22.5%, to GEL 242.7m (€87m), reflecting a buoyant and increasingly state driven market. GHG’s CEO, Nikoloz Gamkrelidze, revelled in reaching 30% EBITDA margins ahead of time and now wants a third of the market by sales.
February 16, 2016

Exuberant international expansion

Operators in Emerging Markets are increasingly moving into other countries, often nations halfway around the world. There is a big IPO pipeline to fund all this growth. And investors like TVM Capital and Abraaj are planning massive greenfield site developments.
October 30, 2015

Georgia Healthcare Group in ambitious IPO

Georgia Healthcare Group, which runs 41 hospitals in Georgia, plans to IPO in London for a market capitalisation of €361m to €487m. That would value historic EBITDA for the 2014 financial year at an astonishing 25-34 times and forward EBITDA for 2015 at 19-25 times, according to our own estimates.
October 26, 2015

Georgia Healthcare Group to IPO in three weeks

The Republic of Georgia’s dominant private healthcare operator plans to list on the London Stock Exchange in the first week of November 2015. Talking to Healthcare Nova, Georgia Healthcare Group CEO, Nikoloz Gamkrelidze also confirmed it expects to raise $100m in the primary listing and a secondary listing may follow. The money will be spent on 20-30 new ambulatory care clinics and renovating two hospitals in Tbilisi, as Georgia continues its journey towards universal health coverage before next year’s election.
October 16, 2015

Aldagi leaves Turks standing in consolidation race

Aldagi BCI, the Bank of Georgia’s private medical insurer and the country’s largest hospital chain, has been snapping up stray hospital groups in strategic areas seemingly unopposed. Meanwhile, Turkish healthcare giant Universal Hospital Group – who once pledged $150 million to buy five Georgian hospitals – has angered locals and failed to come good on investment promises. Georgia is the only country in Europe to embark on the wholesale privatisation of its public hospital network.
June 5, 2014

Bribery in healthcare

The vast majority of bribes paid by citizens in Europe have to do with access to healthcare, according to an EU anti-corruption report. Healthcare and pharma businesses in Europe are also the most likely of any industry, with 77% agreeing, to think that corruption is widespread in their country. The report puts the total cost of corruption in the EU at €120bn - a little less than the annual EU budget. We look at the underlying numbers.
February 7, 2014

Gorgeous Georgia is where the money is

A private hospital chain in Georgia, the Eastern developing nation, could be worth $400-580m (€295-430m) when it floats in London. We investigate.
November 22, 2013
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